davidaulloa/AmericanStories huggingface dataset:
The clarion. [volume] (Jackson, Miss.) 1883-1888, 1887-11-02
The University Debt.

1t Is arcely necessary to call atten-
ton to the scholarly paper Of Prof Ed
ward Mayes, Chairman of the Faculty,
in response 10 the letter of Gen. George,
concerning the amount due by the State
to the University on account of the
Seminary Fund j. is an able presenta-
ton Of the University's case, and clearly
demonstrates that the questions involv
ed are such as can never be settled by
mere newspaper discussion.
Whether the State is chargeable with
funds lost by the collapse of the Plant
ers' Bank, what is the equitable rate OF
interest with which the State is charge
able, and whether appropriations to tbs
University by the Legislature, in tbs
absence of express declarations of thei
character shall be charged against th'
Fund as payments, or treated as dona
tons, are questions of great nicely, un
der the peculiar circumstances sur
rounding the trust which the State j
administering. All these questions Prot
Mayes has discussed in the most luci'
manner.
For the present The CLARION doe
not propose to take part in the discus
sion. Nothing that we could say woul
add to the mastery papers prepared b
Senator George and Prof. Mayes, and "
are content to leave the disputation
such able champions.
In any event we shall always be foun
in favor of maintaining the Universit
by liberal appropriations from the pull
lie treasury, believing that its past hi
tory is sufficient guarantee Of its futui
usefulness.
The clarion. [volume] (Jackson, Miss.) 1883-1888, 1887-11-02
The Tariff Issue.

Representative William d. Kelly, of
Pennsylvania, sometimes called "the
father of the House"-an uncompromis-
ing Republican partisan, and next to
Mr.. Randall, Democrat, the most I'M
yielding advocate of high protective
tariff, in an interview with a New York
newspaper, states the tariff Issue between
the Republicans and Democrats so
clearly that the simplest minded person
may readily understand it.
Having heard that representative
Democrats at conference suggested by
President Cleveland had agreed to rec
ommend the repeal of t le tax on tobacco
as part of scheme for the reduction of
the revenue, he says:
" If the repeal Of the tobacco tax shall be
submitted as a separate proposition the
Republicans will undoubtedly accept it
for tn at reduction alone would bring the
revenue receipts down about $28 100000
in one year If. however, the proposition
be connected with one to reduce customs
duty in the hope of thereby curtailing the
amount of current revenue, the measure
will be resisted by the Republicans"
We understand from this deliverance
of Mr.. Kelly, who speaks by authority
when he discusses the tariff, that the
Republicans do not intend, if they car
prevent it, that there shall be any re.
duction at all in the tariff duties, but
that they will consent to a reduction of
the internal tax on tobacco and whisky
A large majority of the Democrats
contend, as we do, that the internal tax
on tobacco, is not oppressive, and that il
should not be abolished, so long as the
burdensome duties on wearing apparel
blankets, tools, etc, remain. But in the
interest of harmony in the Democratic
ranks, seeing that there will be no relief
without it, an agreement has been en-
tered into, that an effort shall be made
to abolish the tax on tobacco, and to re-
duce the tariff duties on necessaries, at
one and the same time. Such Demo
Gratis as oppose the abolition of the tax
on tobacco, and they constitute, as we
know, a majority of the party, have
been forced into this compromise, by
the attitude of few members of the
party, some of whom honestly believe
that the tobacco tax should be repealed
on principle, and others of whom Gun
ningly assert this belief as an excuse
for refusing to advocate or endorse any
measure of relief to the taxpayers.
As Mr.. Kelly has stated the PROPOSE.
ton, it draws the line between the
Monopolists and the Revenue Reform
ers as sharply as one could wish, and in
the next Congress The lodging and hid
ing places will be so exposed that the
most artful cannot profit by them
There will be a show of hands al
around, and if the Democratic policy
sudii IAN, tHiOuSh tuo OosGI ucttNe meas
ures of the Republicans, aided, as they
doubtless will be, by recalcitrant anC
self-important Democrats, then an ap
peal will be made to the country, anC
the people again be called on to say
whether they will longer submit to tn,
robbery of the masses for the benefit Of
the protected monopolies.
The clarion. [volume] (Jackson, Miss.) 1883-1888, 1887-11-02
The State Fair.

The elements were unfavorable to the
success of the State Fair, but the pro-
gramme was carried out as fully as it
could have keen under such adverse cir
cumstances The receipts were consid-
erably less than expenses, but all de.
mands are being fully paid. We will
publish a complete list of the awards as
soon as the same can be compiled by the
Secretary.
IL is hoped that the progressive and
substantial citizens who have associated
themselves together for the purpose of
holding an annual State Fair, will not
be discouraged by the comparative fail.
ure of the one just held. A long expe
rience in such matters, satisfied this
writer that fair, to be a success, re-
quires timely preparation and very gen.
eral cooperation, The list of premiums
to be awarded should be published full
ly six months in advance of the exhibi.
ton, and in the matter of field crops
they should be announced in ample time
for competition. IL the managers will.
this winter, announce premium of two
hundred dollars for the best county ex-
hibit of field crops at the fair of 1888,
the lower floor of the main building
will not hold the entries that will be
made. A premium on the best acre of
corn, or the best acre of hay, is all very
well, but VIXEN the visitor sees only a
small sample of either, and the manag-
ers have to pay the cash on the best afii-
dayit, it is very uninteresting business.
The display of stock was creditable in
the highest degree, and in this respect,
the fair excelled all previous ones; but
there was a complete absence of labor
saving machinery, and of other features
that interested visitors on former occa-
sions. A few gold medals, and few cash
premiums, especially to home manufac-
turers, would have had magical effect
in this department.. Diplomas are not
as highly esteemed as formerly.
In the depe rtment of woman's work
the home, the garden, the dairy, the
orchard, ete.-there was less display
than formerly. Interest the ladies and
children, and it goes long way toward
success.
The holding of an annual fair at the
State Capital is an enterprise that should
be encouraged, especially by the citizens
of jackson, who are very largely benefited
by the business that results. The hotel
proprietors, bankers, merchants and deal
ers generally, eaa well afford to offer
special and liberal premiums, or better
still, give the management an annual
cash bonus of a thousand dollars or
more. The more liberal ana attractive
the premiums and the programme, the
greater will be the number of visitors
and our business nen should here. as
elsewhere, give at least one day TO the
fair. Let every store be closed after a
certain hour on that day, sc that en-
ployers and employees may have an OPP
portunity of encouraging the fair, by
their presence and their gate fees. If /
our citizens are conferred with in due
time, We feel sure that they will respond
to any reasonable acquisitions on the
part of the fair managers.
The clarion. [volume] (Jackson, Miss.) 1883-1888, 1887-11-02
President Cleveland's Thanksgiving
Proclamation.
The following proclamation has been
issued by the President:

The following proclamation has beer
issued by the President:
"a PROCLAMATION
"By the President of the United States
The goodness and the mercy of God
which has followed the American people
during all the days OF the past year
claim their grateful recognition and
humble acknowledgment By his ON.
niponent power He has protected us
from war and pestilence, and from every
national calamity. BY His gracious
favor the earth has yielded a generous
return to the labor of the hushandman,
and every path of honest toll has led to
comfort and contentment. By His low
ing kindness the hearts of our people
have been replenished with fraternal
sentiment and patriotic endeavor, and
by His unerring guidance we have been
directed in the way of national prosper
ity.
ITO the end that we may, with one ac-
cord, testify our gratitude for all these
blessings, |, Grover Cleveland, presi-
dent of the United States, do hereby
designate and set apart Thursday, the
oath day of November next, as day of
Thanksgiving and prayer, to be observed
by all the people of the land. On that
day let all secular work and employ
ment be suspended, and let our people
assemble in their accustomed places of
worship, and with prayer and songs OF
praise give thanks 10 our Heavenly
Father for all that he has done for us,
while we humbly implore the forgive
ness of our sins and continuance of
His mercy.
"Let families and kindred be reunited
on that day, and let their hearts be filled
with kindly cheer and affectionate remi-
niscenses, be turned in thankfulness to
the source of all their pleasures and the
Giver of all that makes the day glad
and joyous.
"And in the midst of our people and
our happiness let us remember the poor,
the needy aud the unfortunate, and by
our gifts of charity and ready benevo-
fence, let us increase the number of those
who, with grateful hearts, shall join in
our thanksgiving.
lin witness whereof, / have set my
hand and caused the seal of the United
States to be hereunto affixed
Done at the City of Washington,
this 25th day of October, in the year of
our Lord 1887, and of the independence
of the United States the 10Th.
GROVER CLEVELAND.
"By the President:
Ut. i. BAyARD, Secretary of State.
The clarion. [volume] (Jackson, Miss.) 1883-1888, 1887-11-02

The receipts of the government for
October amounted to $31 ,S03, 172, and
expenditures to $12,674,652; being an
excess of receipts Of SIS, 1868, 500. The
decrease Of the public debt for October
is estimated at sl4,000,O00.
The clarion. [volume] (Jackson, Miss.) 1883-1888, 1887-11-02

We learn from the Greenvile Times
that Col. Sfovall, being assured by the
leaders of both factions in Coahoma
county, that his acceptance of the Leg
islative nomination will tend to party
unity, has published letter submitting
his candidacy. No man is better quail
fed to represent the interests of the
State in its legislative council than Col
Stovall, and it is gratifying to know that
by accepting tie nomination, he can in
some measure aid in composing the I'M
fortunate political differences at home.
The clarion. [volume] (Jackson, Miss.) 1883-1888, 1887-11-02

II will be gratifying to the friends of
Mr.. A. b. Hurt to know that he feels
reasonably certain Of his election as
door-keeper of the next House. He is
a worthy aspirant, and as We have
already said, we wish him success.
The clarion. [volume] (Jackson, Miss.) 1883-1888, 1887-11-02

THE business men of Jacksonville,
(Fla.) are resisting the collection of the
license tax imposed by the last Legisla-
ture. A failure to pay is msde-
meanor, but contracts made without
license are not declared void, as in this
State
The clarion. [volume] (Jackson, Miss.) 1883-1888, 1887-11-02

CoNTRARY to custom, no opinions
were read or cases decided by the SUI
preme Court Monday morning. The
decision on the appeal Of Hamilton aad
Eubank from the order of Judge Cooper
is looked for next Monday.
The clarion. [volume] (Jackson, Miss.) 1883-1888, 1887-11-02

GOV. GoRDoN, of Georgia, is making
compaign speeches in Ohio. He arouses
much enthusiasm among his Democratic
hearers. IF he shall be instrumental in
defeating that arch-blatherskite, John
b. Foraker, he viii deserve the thanks
of the country.
The clarion. [volume] (Jackson, Miss.) 1883-1888, 1887-11-02

The United States Supreme Court
will, it is thought, give its decision in
the case of the Chicago Anarchists, to-
morrow, and the belief in Washington
is very general, that the sentence of the
Illinois court will not be disturbed. In
the. meantime, the Governor of Illinois
is being flooded with petitions for par
don or Communication of sentence, and
the J Idge, Attorney-General and others
connected with the prosecution, are re-
ceiving threatening letters.
The clarion. [volume] (Jackson, Miss.) 1883-1888, 1887-11-02

ATLANTA is to 20 through the ordeal
of another election on the prohibition
question, on the Goth inst and the fact
that Col. Reuben Arnold and Rev. Sam
Z. Jones have agreed to discuss the
question publicly, has created intense
interest, for as stump orators, they are
said to be unequaled.
The clarion. [volume] (Jackson, Miss.) 1883-1888, 1887-11-02

a Letter from Bishop Galloway in
reply 10 the letter of Mr.. Davis pub
lished in The CLARION of 10Th ult., was
received as this issue was going to press.
1t will appear next week.
The clarion. [volume] (Jackson, Miss.) 1883-1888, 1887-11-02
Wednesday, November Q, 1887.
Kinds County Democratic Conservative Ticket.

FoE DISTRICT ATToEsEY-R. n. MILLER.
For sEsAToR-C. NJ. WILLIAMSON.
For Representatives,
J. T. GRbAFEs, 4. ". GRIFFIN,
A. PURYEAR, c. L. HOOKER. JR
For sherih-s. b. THOMAS.
Tor Chsneery Clerk-W. W. DOWNING.
For Circuit Clerk ". H. POTTER.
For Treasurer-A. q. LEWIS.
For Asseasor-H. CASPER
Tor Surveyor-R II. BELL
FOR Coroner and Rauger-A. L. ROUX.
The clarion. [volume] (Jackson, Miss.) 1883-1888, 1887-11-02
Balance remaining in this

VI q I'LL 80. $500 =
Add the residue of interest
at 8 per cent. for the current
year, July 26, 1847, to July &c,
184s, on s394,701.33; which is
the above sum less the inter
est on the original capital of
the current year (s27, 403.4s),
up to February %, 184s. (All
this arrangement is needed to
avoid compromising on the
25th Feb, 1s45). ..........
The clarion. [volume] (Jackson, Miss.) 1883-1888, 1887-11-02

iii ULIo CD. -D1 IUfO >
Now, it is claimed that the
Act of Feb. 25, 1848, REPEALED
the Act of l843. have shown
that it only MODIFIED it to the
extent of altering the rate of
interest to simple 6 per cent.
on $4,000 plus s1O3,778.9S
equals S192,517.98. See title,
some of the Senator's Mistakes
Act of 1s48." THERE Is NO
GENERAL REPEALISG CLAUSE.
Deduct that sum from above
The clarion. [volume] (Jackson, Miss.) 1883-1888, 1887-11-02
Amt due this branch July

49, AoEG+
March 8, 1S80-Interest at 8
per cent. compound to date,
after deducting as the calcu-
lation il made year by year,
all of the appropriations and
payments made from 184S to
1879, inclusive, except that the
annual sum of $11, 55L.09, is
reserved to be credited on the
other branch of the account,
for the reason that they were
made specifically on that
branch ....-... ....-....-.
The clarion. [volume] (Jackson, Miss.) 1883-1888, 1887-11-02

Amount due Jan. l, 1871
March ., 'SO-Amount interest
TO date, 80 years, 2 months,
4 days, deducting;
l. All payment under sec. /,
Act of 1913.
?. All ABSOLUTE appropria-
tions under Act of 1850, except
$19,5O0.OO paid during Geo
logical Survey period.
3. All payments under Act
of 1854.
4. All payments in 1871,
1872, 1873, 1874, 1875, 1876,
1877, 1873 and 1879, so far as
the same were needed to dis
charge the interest accruing
for those years on this account
the balance of said payments
are applied TO satisfaction OF
interest, pro tdnto, on the S per
cent simple interest account.
Amt interest after making
such deductions .......
The clarion. [volume] (Jackson, Miss.) 1883-1888, 1887-11-02

Before we can go further, 1t is obviously
necessary to ascertain, approximately at
least, how much of the original principal
of S277 1922 is absorbed in this Planters
Bank account. This, in order that we may
know how much of that principal was left
unabsorbed, TO form the basis for third
account The amounts invested in Plan
ter's Bank Stock are given above with
their respective dates; but those amounts
are plainly composed of both principal and
interest. Now, it is also plain that it is for
the interest of the State, to estimate the
amount of principal contained in those in
vestments, on that basis which will make
the amount as large as possible; because
thereby the State is made responsible for
the smallest possible amount Of ten per
cent. interest collected lit will be remem-
bered, these notes were drawing ten per
cent? l therefore adopt that basis, in
favor of the State.
The clarion. [volume] (Jackson, Miss.) 1883-1888, 1887-11-02

At the Macon Fair held last week, the
gate receipts were about eighteen hun
dred dollars.
The clarion. [volume] (Jackson, Miss.) 1883-1888, 1887-11-02

But in the two last invest
mems, that of Dec. SO and
Oct. '3S, there were two sums
of DIVIDENDS; of course the
State is entitled to the benefit
of that, and they aud their in
terest must be credited back;
do that:
Amt dividends in investment
of 1886. .----....Sl 1920 90
Compound interest
to Jan. l, '32, , Us. 246 -
Amt dividends in
investment of '3S $3.50 90
The clarion. [volume] (Jackson, Miss.) 1883-1888, 1887-11-02

Total amt due July &c, '43
Now comes i'll the second
clause of the 18th sec. of the
Act of 1843. The language is,
"and hereafter he (the Treas
urer) shall annually credit said
fund with interest at the rate
of 8 per cent. per annum upon
ALL MONIES DUE from the State
to said fund. This statute OBJ
viously calls for compound in
terest. By no sort of ordinary
use of language can any other
meaning be given it. Ii is
evidently impossible to an
nually credit an account with
interest on all monies, unless
interest is credited on unpaid
due interest as well as unpaid
principal; for unpaid due in
terest passed to ones credit is
just as much money DUE" as
is unpaid principal. Senator
George virtually yields the
point; for he says, ''this, | may
concede, is probably the true
construction of the statute"
etc. To resume the calcula-
ton:
Add compound interest at 8
per cent. to Feb. %, 1913, the
date of the next statute, de-
Quoting the following appro-
priations of 1876:
1. Appropriation payable Jan.
&c, 1916. ......
?. Appropriation payable Jan.
1, 1647...,........
The clarion. [volume] (Jackson, Miss.) 1883-1888, 1887-11-02

Amount due Jan. /, 80.
Jan. l, '4l-Interest for >
years, compound ......
Amount invested in Planters
Bank, of Natchez, prior to
Observation-Disclosures.
The clarion. [volume] (Jackson, Miss.) 1883-1888, 1887-11-02

Add the fund running at
simple interest under Act of
1S4S and on which the interest
was paid by the 81, 551.09,
year by year as above. $3.50. 1921
Add payments omitted to be
made during the war;. 28, 4:
The clarion. [volume] (Jackson, Miss.) 1883-1888, 1887-11-02
l59,os0 IS

Total of Planters Bank
Acct, principal and interest 595GG4 40
The clarion. [volume] (Jackson, Miss.) 1883-1888, 1887-11-02

Estimated total of principal in
| vested .-...... ............. $97, 100 90
We can now proceed to the last step in
this account. The land sales amounted to
$2I| ,532.52. The greatest amount of that
principal which could have gone into ths
Planters Bank investment is, as we have
just seen, S97, 10000 Thus there is left a
balance of the principal of the sales not so
invested, of at least $18O,142.52.
Now, Senator George admits that ont Of
that $50, 1882 the State has collected the
sum of SiI3, 305.83; or rather, to put il
| more precisely, he admits that the State
received IN all, on account Of the Seminary
Fund, the sum of $129,74483; and / admit
that of that sum S16,439.OO was rents,
leaving the sum of S1I3,305s3 to be the
representative of collections from sales.
OF these collections, because of the un-
recorded but plainly existent disturbing
elements of partial payments and renewals,
1t is impossible to say how much is princi-
pal and how much interest; but it is plain
that a large portion of S1l3,4O IS IN
TEREsT AT THE RATE OF TIN PER CENT PEB
ASSUM. The notes all bore that interest
Again, BECAUSE we cannot tell how much
of the Sl13,305.53 collected was principal
we cannot tell how much of the total prin-
cipal of $3.50, 1925 50 remained uncollected;
or to put it differently, was lost have
shown that this loss, whatever it was,
occurred by gross neglect, and that the
State is responsible for it. 1t might very
well be maintained that when a trustee
loses a secured ten per cent. debt by neg
lect he is not only liable for the debt, but
also for ten per cent interest on it. Espe-
cially so, when as in this State, money has
been always worth ten per cent.
The case, then, stands thus: Here Is a
large amount of $3.50, 1920 of principal,
drawing 10 per cent, all secured OF it,
these propositions can be stated: FIRST. A
large part of it, exact amount not ascer-
tainable, was certainly collected by the
State. SECONDLY, A large sum of interest
at ten per cent, exact amount not ascer-
tainable, was certainly collected by the
State. THIRDLY, large part of it, exact
amount not ascertainable, was lost, princi
pal and ten per cent. interest, by the
States negligence. What is the proper
interest for the State to pay? 1 submit
that just what the Act of 1S43 fixed would
be reasonable, that is per cent, and we'll
call it SIMPLE, not compound, interest
Observe, however, l do not select that rate
because of the force of the statute which
is so odious to the Senator. / only allude
to the statutory rate as an incidental illus
tration. l fix on per cent. because it is
the mean between 6 per cent. on the one
hand and 10 per cent. on the other; and
therefore probably nearest the true equity
of the account Let us proceed on that
basis:
Nov. 1, '33-Am't of sales, 10
per cent. secured notes IS 277, 1872 81
Amt principal used in Plan
ter's Bank ....-........... 97,l9O O0
The clarion. [volume] (Jackson, Miss.) 1883-1888, 1887-11-02


Mar. 5, 's0-Int. on $780,
1882 q s per cent. as Us, 3
mo-, 4 DIS. ..........
1. Appropriation 1S47, ex-
pressly made payable out of
this branch
2. Payments under sec. 3, Act
of '4S, expressly payable as
int. on money in Treasury
($223,214.1S being total pay
ment, and $l2S,535.00 hav-
ing been already credited
on the Planters Bank ac-
count .........
3. CosTINGESr payments un-
der Act of 1850, (being the
total payments, less $3.50
The clarion. [volume] (Jackson, Miss.) 1883-1888, 1887-11-02

Amount due Jan. /, lsG6
Jan, l, 'S7-Interest on above
The clarion. [volume] (Jackson, Miss.) 1883-1888, 1887-11-02

81
Amount invested in Planters
Bank Stock, Dec. '36..-... y
The clarion. [volume] (Jackson, Miss.) 1883-1888, 1887-11-02
EXHIBIT "a"

THE ACCOUNT UNDER THE ACTS OF '43 AND AS.
Jan. l, 1S31-Rents collected S,4O2 %
Interest at 8 per cent. to 26
JuIv. 1913 - $3.50 II
Jan. i.'32-Rents colIected.say 1000 90
Interest to July 20, 1843.-.. 2,3l3 So
Jan. l, 1S33-Rents collected 4,O37 90
Interest Alb 43
Jan. /. 1s34-Rents collected 1920 20
Interest 2,Ol9 "a
Nov. /. Is33-Iand sales.... 277,332 50
Interest at 5 per cent to July
&c. 1s43. .......... 134,96+ SO
l showed in the preceding
table that, as near as can be
estimated, there was collected
prior to 1S41, on the sales
notes the aggregate sum of
SOS, $4,000 interest at the rate
of 10 per cent. One-half of
this (that is 10 per cent. less
the per cent. included in the
above item of 1874 ,964.96)
must be added .............. 1924 30
The average period of these
interest collections was about
July 1898; add per cent. on
them, that is on $28,64900 for
five years. 1852 25
The clarion. [volume] (Jackson, Miss.) 1883-1888, 1887-11-02
Interest. Principal


| Amount invested in
Stock Nov. d Dec.
"a, $4,000.
! This represents prin-
cipal at / y, l ID,
| int. at 10 per cent. $2,080 90 518,92O 90
Amt Nov. 1885 and
Jan. 1886, equals
$4,000 less $3.50
dividends, equals
$34,6lO.
/ Representing princi-
| pal at Us, mo-,
interest ...... G,o1O 90 2s,GOO 90
Amount Dec. 1886
S27,200.00.
Representing princi-
pal at ys, ! mo-,
interest. ......... 6,43O 90 2o,77o 90
Amt invested Oct'38
$4,000 less $500
diyidends, equals
$36,140.
Representing princi-
pal and D Us, mo
interest ......... 1850 90 24,26O 90
Amt INVESTED Plan
ter's Bank of Nat
chez, Jan. 1, Al,
$3.50.
Representing princi-
pal and Us. int 3,249 90 4.64O 90
The clarion. [volume] (Jackson, Miss.) 1883-1888, 1887-11-02

Total of rent account
principal and interest { sa,s